Page 30 - Investment Advisor October 2022

Cover Story

Dynasty Partners-Pontera
Dynasty Financial Partners has partnered with
fintech firm Pontera (formerly FeeX) to enable
RIAs in Dynasty’s network to fully manage
401(k), 403(b) and other held-away accounts for
their clients in a secure and compliant way that
leverages Pontera’s SOC 2 certified platform, the
companies said in a joint announcement.
Since 2010, when Dynasty was founded by
CEO Shirl Penney, assets in employer-spon-
sored retirement accounts have more than doubled from $4.9 Therefore, the need for investment advice in these accounts
trillion to over $11 trillion as of Dec. 31, 2021, the firms said. In has grown, they said, noting a recent J.P. Morgan survey found
addition to market appreciation, that growth can be chalked 62% of plan participants wished they could completely hand
up to declines in rollovers because of retiree-friendly plan over retirement planning to an expert. Traditionally, however,
policies and better in-plan investment options, they noted. financial advisors have struggled to help clients with these
Pointing to the findings of a recent Cerulli report, Dynasty accounts because they are typically held off wealth manage-
and Pontera said that, of the $3.3 trillion eligible for a distri- ment advisory platforms, Dynasty and Pontera said.
bution last year, 73% remained in-plan. Bipartisan support Pontera’s technology “addresses this gap by allowing advi-
of accommodative legislation in the Secure Act 2.0 and the sors to trade held away accounts for their clients,” the compa-
re-enactment of the DOL Fiduciary rule suggest the trend of nies said, explaining: “Pontera’s data integrations into portfolio
employer-sponsored plan growth will only continue, accord- accounting systems means that wealth managers can also run
ing to Dynasty and Pontera. performance reporting, portfolio analytics, and trade surveil-

A Look at Breakaway Advisors
While RIA M&A and other growth continues, large teams Moran said in a statement.
from wirehouse and other firms keep leaving to form their “Embarking on this entre-
own RIAs. A Naples, Florida-based boutique financial advi- preneurial journey is a
sory team with over $4 billion of assets under management critical step towards
recently left Wells Fargo to become an independent RIA that achieving our long-term
provides comprehensive investment services for its clients via vision as a true fiduciary
personalized and customizable strategies, for instance. Moran for our clients.”
Wealth Management selected BNY Mellon’s Pershing as its Also, several Wells
custodian, MWM said Tuesday. Fargo and Bank of America
“The relationship with Pershing transpired following exten- veterans decided to team up
sive research into their track record of strength and stabil- and launch Fidelis Capital, an advi-
ity,” MWM said in a statement. MWM was founded in 1990 sor-owned RIA whose team members previously advised on
by Tom Moran, who serves as its CEO, chairman and chief almost $6 billion in client assets.
investment officer. The company has a fast-growing team of The goal of Fidelis Capital is to provide clients with a
more than 36 employees, 10 of them advisors, he said in an “superior private banking experience by surrounding cli-
interview. Many of the employees are equity partners. ents with a diverse team of financial specialists who get to
“We serve a diverse group of high and ultra-high net worth know each client personally in order to best provide for their
clientele including individuals, families, and institutions,” financial needs,” the company said in a news release. Fidelis
Moran said. Moran was a registered broker and advisor rep Capital serves just under 200 families, custodies with Fidelity
for Wells Fargo since 2003, according to his report on the and its teams are based in Dallas and Tampa, Florida.
Financial Industry Regulatory Authority’s BrokerCheck web- “Fidelity’s commitment to working with us in developing a
site. (Wells Fargo declined to comment on losing MWM.) best in class client experience along with asset security, espe-
“As an independent RIA, we can prioritize the needs of cially in the cyber area, was a differentiator,” Maxwell Smith,
our clients and our unwavering standard of excellence,” Fidelis Capital chief operating officer, explained in an interview.

28 INVESTMENT ADVISOR OCTOBER 2022 | ThinkAdvisor.com